Living alone or on one income is expensive. If you are starting to navigate the process of divorce, you may want to do everything possible to set yourself up for financial success in the future. Unless the relationship between you and your spouse is quite contentious, one way you may be able to do so is by considering an uncontested divorce.
What does an uncontested divorce involve, and how can it help you put away more money toward future needs and goals?
How uncontested divorce works
An uncontested divorce gives you and your former partner an opportunity to work through the same matters you would in a courtroom setting, but largely without going to court. How much you rely on attorneys throughout the process may vary. However, you may be able to work through asset division, child custody issues and spousal support considerations much faster in an uncontested divorce than you would in a contentious courtroom one.
How uncontested divorce helps you save money
When it comes to divorce, time is money. Fighting over every asset or matter may lead to a hefty bill. Working together rather than litigating allows you and the other party to collaborate for what may be one last time, saving you both time and money when compared against taking an adversarial approach.
How much you stand to save in an uncontested divorce depends on many variables. Yet, every dollar you do not put toward “fighting” your former partner is another dollar saved for yourself. The money you save may go a long way toward financing a new place to live or an emergency fund, among other options.